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Celsius (CEL) has been in the news recently due to audience updates following its bankruptcy filing and stablecoin sale.

  • CEL Price Climbs 30% As Seen In Last 24 Hours
  • Prices drop 13.21% despite improving social media metrics
  • ETH Merge to Impact CEL Performance

Celsius Network recently filed for bankruptcy in July and is currently undergoing Chapter 11 proceedings. More so, the network has also sought court approval for its plan to dispose of its stablecoins to pump the cash necessary for its operations.

Once this is approved by Martin Glenn, the president of the US court, the money pooled from the sale of stablecoins will be used to finance the operations of Celsius.

Said hearing on the sale of stablecoins is scheduled for October 6 in New York.

Independent Reviewer Appointment Agreement

In September, the U.S. Trustee’s Office and Celsius’ committee of creditors reached an agreement to appoint an independent reviewer on the condition that they restrict both funding and the reviewer’s time.

More so, the United States Trustee’s Office will be responsible for choosing the reviewer. The judge approved that on Wednesday.

In this regard, Celsius recently posted a tweet on September 15 stating its willingness to continue working with the US Trustee and Unsecured Creditors Committee as well as its commitment to improving network efficiency to better serve its customers.

CEL price down 13.21% despite increased measures

Triggered by recent developments and audience events, it is observed that the price of CEL has increased by 30% in the last 24 hours. More so, CEL social media measures have also accelerated.

Social media engagement also peaked at 1.2 billion, showing a remarkable growth of 32.26%.

Despite the increase in social media engagement as well as a rise in price, there are still lingering issues regarding CEL that are making investors worried about the altcoin.

According to CoinMarketCap, the price of CEL has fallen 13.21% or is trading at $1.70 at the time of writing.

CEL’s total market cap fell 36.21% as seen in August. More so, market dominance also decreased by 41.25%. Uncertainty is creeping into the token, and investors are extremely cautious before doing anything due to its high volatility.

The Ethereum merger also has a big impact on CEL’s performance. In fact, Celsius posted a tweet indicating that they were following the merger.

Investors also view the short squeeze move as a warning, as history shows that this move can have a negative impact on investors’ portfolios.

Crypto total market cap at $927 trillion on the daily chart | Source:

Featured image from LedgerInsights, Chart:

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